Property and assets gifted to son's wife: Will the income from it be clubbed to your income for tax purposes?

Clubbing of income occurs when one person is taxed on another's income, often involving transfers to family. Tax expert Suresh Surana clarifies that gifting assets to a son's wife without adequate consideration triggers income clubbing, but this doesn't apply to daughters or a step-son's wife. Understanding these provisions is crucial for tax compliance and avoiding penalties.

from Tax-Wealth-Economic Times https://ift.tt/YZDuSTq